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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYADEEN TRADING & AGENCIES |
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|
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Registered Office : |
Madbah Square,
Sana'a |
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|
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Country : |
Yemen |
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Financials (as on) : |
31.12.2011 |
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|
|
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
114/2003 |
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Legal Form : |
Sole Proprietorship |
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|
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Line of Business : |
Wholesalers and retailers of general foodstuff
products and spices |
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|
|
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No. of Employees : |
06 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Yemen |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
YEMEN - ECONOMIC OVERVIEW
Yemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 70% of government revenue. Yemen has tried to counter the effects of its declining oil resources by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts toward economic and political reform, and in August 2010 the IMF approved a three-year $370 million program to further this effort. Despite these ambitious endeavors, Yemen continues to face difficult long term challenges, including declining water resources and a high population growth rate.
|
Source : CIA |
Company Name : MYADEEN TRADING & AGENCIES
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 2003
Commercial Registration Number : 114/2003
Invested Capital : YR 5,000,000
Total Workforce : 6
Activities : Wholesalers and retailers of general foodstuff products and spices.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Abdullah Suhail, Assistant General Manager
MYADEEN TRADING
& AGENCIES
Registered &
Physical Address
Location : Madbah Square
Town : Sana'a
Country : Yemen
Telephone : (967-1) 220424
Facsimile : (967-1) 372661
Mobile : (967-77) 250006 / 7708385
Email : almas@yemen.net.ye
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sana’a.
Branch Office (s)
Location Description
·
Hodeidah Rented
showroom premises
Tel: (967-3) 266166
Name Position
·
Mohamed Abdullah Suhail Proprietor
& General Manager
·
Ahmed Abdullah Suhail Assistant
General Manager
Date of Establishment : 2003
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 114/2003
Invested Capital
: YR 5,000,000
Mr Mohamed Abdullah Suhail is the sole proprietor of
the business.
Activities: Engaged in the import,
wholesale and retail of general foodstuff products and spices.
Import
Countries: India, Malaysia
and Sri Lanka.
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: Yemeni
Riyal (YR)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales YR 360,000,000 YR 370,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Saba
Islamic Bank
PO
Box: 3459
Hodeidah
No complaints
regarding subject’s payments have been reported.
During the course of
this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.